Gabi Gram started The Gram Company, a new business that began operations on May 1. The...
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Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 Gabi Gram invested $43,500 cash in the company. May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,950 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,900 cash. May 12 The company provided $2,600 of consulting services for a client on credit. May 15 The company paid $730 cash for an assistant's salary for the first half of this month. May 20 The company received $2,600 cash payment for the services provided on May 12. May 22 The company provided $3,900 of consulting services on credit. May 25 The company received $3,900 cash payment for the services provided on May 22. May 26 The company paid $1,950 cash for the equipment purchased on May 3. May 27 The company purchased $75 of equipment on credit. May 28 The company paid $730 cash for an assistant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" for account titles if the transaction does not include an expense. Date May 1 May 1 May 3 May 5 May 8 May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 31 Cash $ + + + + + + + + +++ + + + + 0 + Assets Accounts Receivable $ + Equipment = + + + + + + + + + + + + + + + + 0 + $ = 0 = = = = = = = = = = = = = = Liabilities Accounts Payable $ 0 + + + + + + + + + + + + + + + + Gabi Gram, Capital $ 0 - - - Equity Gabi Gram, Withdrawals $ 0 + Revenues + + + + + + + + + + + + + + + + + $ 0 - Account Titles Expenses for Expenses $ 0 Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 Gabi Gram invested $43,500 cash in the company. May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,950 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,900 cash. May 12 The company provided $2,600 of consulting services for a client on credit. May 15 The company paid $730 cash for an assistant's salary for the first half of this month. May 20 The company received $2,600 cash payment for the services provided on May 12. May 22 The company provided $3,900 of consulting services on credit. May 25 The company received $3,900 cash payment for the services provided on May 22. May 26 The company paid $1,950 cash for the equipment purchased on May 3. May 27 The company purchased $75 of equipment on credit. May 28 The company paid $730 cash for an assistant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" for account titles if the transaction does not include an expense. Date May 1 May 1 May 3 May 5 May 8 May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 31 Cash $ + + + + + + + + +++ + + + + 0 + Assets Accounts Receivable $ + Equipment = + + + + + + + + + + + + + + + + 0 + $ = 0 = = = = = = = = = = = = = = Liabilities Accounts Payable $ 0 + + + + + + + + + + + + + + + + Gabi Gram, Capital $ 0 - - - Equity Gabi Gram, Withdrawals $ 0 + Revenues + + + + + + + + + + + + + + + + + $ 0 - Account Titles Expenses for Expenses $ 0
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Accounting equation May01 May01 May03 May05 May08 May12 May15 May20 May22 May25 May26 May27 May28 Ma... View the full answer
Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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